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Business Ethics - Friends of Angelo - Research Paper Example

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Angelo Mozilo, who was the chief executive at Countrywide Financial, the biggest mortgage lenders in the United States, engaged various V.I.P personalities in trading favours for loans at abnormally favourable terms. This V.I.Ps included politicians, business partners and…
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Business Ethics - Friends of Angelo
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Download file to see previous pages In this case, the judge needed funds to finance an expansion project he was undertaking for his house at Sherwood Country Club in Westlake Village. He got the loan from Countrywide Financial, but the terms raised eyebrows for any keen eye. The terms were too good as compared to that offered to other borrowers. This favour was extended to the judge so that the same favour may be shown to the company. This was because the firm was being charged in the appellate court by borrowers who felt dissatisfied by what the firm had paid as settlement fees. Aldrich was part of a three-man bench that sure enough rejected the appeal of the borrowers. The fact that the judge failed to mention his previous contact with the defendant company was unethical and against the codes of conduct of a judge. As a judge, he ought not to have received any favours or loan in the terms he did knowing that the company had a case pending in his court (Ferrell et al., 2013).
This was replicated with all the leaders Angelo deemed fit to orchestrate the company’s progress. These leaders are called and appointed the servants of the people to have the interest of the ordinary populace at heart, but instead they have misused their powers to pursue personal gain. Leaders in this case acted in corrupt manners by conducting underhand deals that would otherwise not be permissible. They ignored and neglected their oaths of office by using the office powers not in service to their country or its people as intended by the law, but in service to themselves (Ferrell et al., 2013).
The implications on society of such conduct are, for example, mistrust of those in power. For if a judge, a person who is given the power to condemn, cannot check himself to know when he is going wrong then how can he judge others? It is then the biblical case of the blind leading the blind into a ditch. Greed has obviously blinded many leaders to such an extent that the boundary of what is ethical and unethical ...Download file to see next pagesRead More
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